Shares of Balaji Telefilms surged over 10 per cent today after Star India sold its entire 25.99 per cent stake in the company for an estimated Rs 108 crore.
The stock rallied 10.23 per cent to Rs 105 — its 52-week high — on the BSE.
On the NSE, shares of the company jumped 9.54 per cent to touch its one-year high of Rs 104.40.
Most of the shares were purchased by Balaji Telefilms’ promoters — Ekta Kapoor and Shobha Kapoor — and Group CEO Sameer Nair.
“This confirms Star’s exit of a minority stake of 25.99 per cent in Balaji Telefilms. Axis Capital acted as advisors to Star and also executed the on-market sale on August 5,” Star India CEO Uday Shankar said.
Star India, which had initially acquired 21 per cent stake in Balaji in August 2004 for over Rs 120 crore, increased its holding in the company to 25.99 per cent.
According to the latest data available with Metropolitan Stock Exchange (formerly known as MCX-SX), Star India offloaded a total of 1.69 crore shares of Balaji Telefilms through the open market route.
The shares were sold at an average price of Rs 63.6 apiece, valuing the transaction at Rs 108 crore.